A non-bank lender has delivered $10 million in small business funding in its first 18 months of operation.
Following its strategic partnership with fintech Prospa in July 2016, cloud accounting provider Reckon has provided small businesses with over $10 million in funding through its Reckon Loans platform.
According to the managing director of Reckon’s accountants group, Sam Allert, the lender is helping to service unmet demand, citing a Reckon survey of 1,150 small business owners which revealed that 57 per cent of respondents have used their personal credit cards to process work-related payments.
“The online lending market in Australia has grown at unprecedented speeds, clearly demonstrating the demand for quick and fuss-free access to business-critical capital among small businesses, as cash flow continues to be a massive pain point for them,” Mr Allert said.
“[The milestone] signifies the strength of Australia’s non-bank finance sector and, importantly, the untapped opportunities within the online lending market.”
Joint CEO of Prospa Beau Bertoli said that Reckon’s lending platform enables small business owners to devote more attention to the development of their business.
“Small business owners are time-poor, so fast, easy access to finance frees them up to focus on growing their business,” Mr Bertoli said.
“Prospa is excited to be partnering with a trusted brand like Reckon to reach customers where and when they need us. We look forward to helping more hard-working small business owners drive Australia’s economy.”